🚀 Crypto Legislation Milestone: Three Bills Passed in the House
🏛 On July 17, the U.S. House of Representatives made significant strides in the cryptocurrency sector by passing three key bills. This move aims to establish a regulatory framework for digital assets in the country. The bills include the GENIUS Act, which sets standards for U.S. dollar-backed stablecoins, the CLARITY Act that seeks to clarify the oversight roles of the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC), and the Anti-CBDC Surveillance State Act which prohibits the Federal Reserve from issuing a central bank digital currency (CBDC).
💬 Following the passage of these bills, White House Crypto Czar David Sacks expressed his approval on social media, stating,
Massive wins for crypto in the House.
Senator Tim Scott praised the GENIUS Act for promoting innovation and consumer protection, while Senator Cynthia Lummis called it a
Huge win for Digital Assets!
📜 The GENIUS Act passed with a vote of 307–122 and is now awaiting President Donald Trump’s approval. It outlines reserve requirements and consumer protections for stablecoins. The CLARITY Act, which aims to delineate the regulatory responsibilities of the CFTC and SEC, passed with a vote of 294–134 and will move to the Senate for further consideration.
🗣 Tyler Winklevoss, co-founder of Gemini, hailed the day as
a huge day for crypto, U.S. dollar dominance, and America.
He emphasized the importance of the GENIUS Act in maintaining U.S. leadership in innovation. Brad Garlinghouse, CEO of Ripple, noted the historic significance of this legislation, stating,
Tomorrow, the signing of the GENIUS Act cements the US’s future in being a leader in truly innovative financial technology–stablecoins.
📈 Brian Armstrong, CEO of Coinbase, highlighted the progress being made towards establishing clear regulations for the crypto industry in the United States. He stated,
GENIUS ready to be signed into law. CLARITY heading the senate next. We are getting incredibly close to finally having clear rules for crypto to grow this industry in the United States of America.
